The Source for Cyber Insurance News, Insights and Data
We all knew the general trend reported by AM Best. Headline: “The U.S. cyber insurance market continued strong growth in 2022, with direct premium increasing by 50% to $7.2 billion and improving loss ratios given greater attention to underwriting discipline…” But the report, aside from adding details, notes some other important trends. “More than 70% … Read more
Stand-alone policies reflect growing acceptance of cyber as a unique and critical category requiring more complex underwriting by carriers and increased attention from policy holders. “Standalone coverage is 70% of cyber insurance premiums, due to heightened policyholder demand for protection and insurer efforts to reduce ambiguity in coverage terms or silent cyber risk.” Meantime, according … Read more
Fitch Ratings predicts 2023 will be another strong year for the industry. Though premium-rate increases continue to decelerate, demand remains high, building on trends over recent years. “Fitch estimates industry statutory direct written premiums for cyber coverage in standalone and package policies increased by over 50% in 2022 to $7.2 billion, following 73% premium growth … Read more
“The nation boasts a thriving cyber insurance sector that is predicted to become a $20-billion industry by the middle of the decade, with the 10 largest cyber insurers accounting for almost 60% of the overall market. These insurers offer a range of policies designed to protect businesses in varying industries.” With cyber risks constantly evolving, … Read more
The Company is now offering its active cyber insurance to companies with up to $5 billion revenue. “The company’s increased capacity above its existing limit of $1 billion comes from a syndicated placement across many of its existing partners. ‘By opening up our capacity to enterprise businesses with $5 billion in revenue, we are widening … Read more